Homework Answers
The entry would be
| Insurance expense | 300 | |
| Prepaid Insurance | 300 |
(1,800/6)
Option A is the answer
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A company purchased a 6-month insurance premium on January 1 for $1,800. What is the adjusting...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
Your company purchased a twelve-month insurance policy for $36,000 in January. What's the entry...
Your company purchased a twelve-month insurance policy for $36,000 in January. What's the entry to record the monthly insurance expense in March? SELECT ONLY ONE Debit Accrued Payables $3,000 Credit Insurance Expense $3,000 Debit Insurance Expense $3,000 Credit Cash $3,000 Debit Prepaid Insurance $3,000 Credit Insurance Expense $3,000 Debit Insurance Expense $3,000 Credit Accrued Liabilities $3,000 Debit Insurance Expense $3,000 Credit Prepaid Insurance $3,000
The $4,500 balance in Prepaid Insurance represents the premium paid in advance for a three-month liability...
The $4,500 balance in Prepaid Insurance represents the premium paid in advance for a three-month liability insurance policy. Assuming that 2 months of premium has now expired, the adjustment would be recorded in the work sheet as a: Select one: a. debit to Prepaid Insurance, $4,500 b. credit to Prepaid Insurance, $1,500 c. debit to Insurance Expense, $4,500 d. debit to Insurance Expense, $3,000
On January 1 a company purchased a five-year insurance policy for $2,300 with coverage starting immediately....
On January 1 a company purchased a five-year insurance policy for $2,300 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: A.)Debit Insurance Expense, $460; credit Prepaid Insurance, $1,840. B.)Debit Prepaid Insurance, $460; credit Insurance Expense, $460. C.)Debit Prepaid Insurance, $1,840; credit Insurance Expense, $1,840. D.)Debit Insurance Expense, $460; credit Prepaid Insurance, $460. E.)Debit Prepaid Insurance,...
On January 1, a company purchased a five-year insurance policy for $3,600 with coverage starting immediately....
On January 1, a company purchased a five-year insurance policy for $3,600 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: Multiple Choice Debit Prepaid Insurance, $2.880; credit Insurance Expense, $2,880. Debit Prepaid Insurance, $3,600; credit Cash, $3,600. O Debit Insurance Expense, $720; credit Prepaid Insurance. $2.880. Debit Insurance Expense. $720; credit Prepaid Insurance, $720. O...
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately....
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Debit Cash for $4,200 and Credit Prepaid insurance for $4,200 Debit Prepaid insurance for $350 and Credit Insurance expense for $350 Debit Insurance expense for $350 and Credit Prepaid insurance for $350 Debit Cash for $8,400 and Credit Prepaid insurance for $8,400 Debit Insurance expense for...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin on July 1st Account Name Debit Credit A. Prepaid Insurance 900 Cash 900 B. Insurance Expense 900 Cash 900 C. Insurance Expense 1,800 Cash 1,800 D. Prepaid Insurance 1,800 1,800 Cash Record the required adjusting entry on September 30th for the insurance in transaction Q47. Since the purchase of the insurance on June 15th, there have not been any adjusting entries made related to...
What is the adjusting entry when prepaid insurance expires? Select one: a. debit insurance expense and...
What is the adjusting entry when prepaid insurance expires? Select one: a. debit insurance expense and credit prepaid insurance b. debit prepaid insurance and credit insurance expense c. debit prepaid insurance and credit cash d. debit cash and credit insurance expense
Smokey Company purchases a one-year insurance policy on July 1 for $13,176. The adjusting entry on...
Smokey Company purchases a one-year insurance policy on July 1 for $13,176. The adjusting entry on December 31 is Oa. debit Insurance Expense, $6,588 and credit Prepaid Insurance, $6,588 Ob. debit Insurance Expense, $13,176 and credit Prepaid Insurance, $13,176 Oc. debit Insurance Expense, $1,098 and credit Prepaid Insurance, $13,176 Od. debit Prepaid Insurance, $12,078 and credit Cash, $12,078
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the...
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
On January 1, a company purchased a five-year insurance policy for $3,600 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: Multiple Choice Debit Prepaid Insurance, $2.880; credit Insurance Expense, $2,880. Debit Prepaid Insurance, $3,600; credit Cash, $3,600. O Debit Insurance Expense, $720; credit Prepaid Insurance. $2.880. Debit Insurance Expense. $720; credit Prepaid Insurance, $720. O...
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Debit Cash for $4,200 and Credit Prepaid insurance for $4,200 Debit Prepaid insurance for $350 and Credit Insurance expense for $350 Debit Insurance expense for $350 and Credit Prepaid insurance for $350 Debit Cash for $8,400 and Credit Prepaid insurance for $8,400 Debit Insurance expense for...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin on July 1st Account Name Debit Credit A. Prepaid Insurance 900 Cash 900 B. Insurance Expense 900 Cash 900 C. Insurance Expense 1,800 Cash 1,800 D. Prepaid Insurance 1,800 1,800 Cash Record the required adjusting entry on September 30th for the insurance in transaction Q47. Since the purchase of the insurance on June 15th, there have not been any adjusting entries made related to...
Smokey Company purchases a one-year insurance policy on July 1 for $13,176. The adjusting entry on December 31 is Oa. debit Insurance Expense, $6,588 and credit Prepaid Insurance, $6,588 Ob. debit Insurance Expense, $13,176 and credit Prepaid Insurance, $13,176 Oc. debit Insurance Expense, $1,098 and credit Prepaid Insurance, $13,176 Od. debit Prepaid Insurance, $12,078 and credit Cash, $12,078
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
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